Within his freshly published personal account, named Ithaki, the ex- premier Tsipras does not hold back while he reflects on that turbulent period during Greece's economic turmoil.
A Controversial Appointment
According to Tsipras's account, he chose that maverick academic Varoufakis as the finance minister mainly due to the latter's global profile and his very persuasive skills when it came to speaker.
“He was, truthfully, more like a star and less of an economic expert,” recalled the 51-year-old.
Conflicting Agendas
The former leader suggests how his finance chief had a personal motives that involved advancing Varoufakis's books as well as testing out his game theories on Greece rather than truly fighting for the country's economic stability.
He wrote how the discussions to prevent insolvency were “not only a way to secure a better deal for Greece. They became a test, a monumental chance to demonstrate the validity of his economic theories.”
Critical Negotiations
Amid tense negotiations, the country came dangerously close to exiting the eurozone.
At stake was not only the country's future and the severe austerity policies demanded in exchange for financial aid by international creditors.
Unsuccessful Alternatives
Efforts to secure financing elsewhere, including an urgent appeal to the Kremlin to buy Greek bonds, fell on stony ground.
Assisting Greece was equivalent to tossing cash into the garbage, the Russian leader reportedly informed Tsipras in Moscow.
Public Vote and Reversal
In July 2015, those harsh conditions were put to a public vote, an action that threw the EU into a further crisis of identity.
Even though the vote was carried decisively by voters against the cuts, Tsipras was forced to ignore the result and agree to a rescue deal with foreign lenders which turned out to be tougher.
Final Straw
The ex-PM claimed how he started questioning his finance minister quite early on.
“Varoufakis was the face of negotiation, the figure who attracted publicity, who appeared on the covers of publications globally … he gave the impression he was enjoying the spotlight.”
After Varoufakis outlined a backup strategy that included establishing a parallel currency and distributing coupons to retirees, the leader knew that it was the end questioning Varoufakis: “Is this for real?”
Lasting Criticism
In the memoir, Tsipras concludes that Varoufakis demonstrated himself to be “unfit for a deal demanding complex and sensitive management.”
He also claimed how his confrontational style left him increasingly isolated with colleagues, put Greece at risk, and helped hardliners that were pushing for Grexit.
This account of history has provoked fury and shock in some quarters, while Varoufakis has so far maintained a deafening silence regarding these claims.
